Tuesday, December 6

SEC Disagrees With The Ripple’s Request To Serve Two Non-Parties Subpoenas To Authenticate Seven Copies Of Video Recordings Of SEC Officials’ public Remarks

The blockchain company, Ripple has embarked on a movement towards serving two non-parties subpoenas to authenticate seven copies of video recordings of SEC officials’ public remarks on the initial requests for Admissions (RFAs).

However, the SEC failed to agree with the request and Ripple stated;

Specifically, the SEC has communicated to defendants that it would consent only if defendants agree to reopen discovery so that the SEC could now serve its own set of subpoenas to obtain copies of unspecified video recordings in support of its claims and only if defendants further agree to waive any authenticity and procedural objections to the unknown SEC videos,

Attorney Jeremy Hogan, a partner at Hogan and Hogan law company reacted to the SEC’s disagreement with Ripple’s subpoena request.

Ripple was not happy with the action of the SEC on the issue and tagged the SEC’s condition as “wholly improper” reasons being that the SEC did not serve any authenticity RFAs during discovery and for this reason, Ripple go against the attempt of the SEC to reopen discovery.

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It is good to know that the two subpoenas seek to serve by Ripple on the video-sharing platform are not a move to reopen discovery and do not pose an issue to the court’s timeline. 

Ripple added “[The subpoenas] relate to RFAs Defendants served before the end of fact discovery on August 31, 2021, and are needed to effectuate the order,”

 As stated by Ripple, the videos are present on two video-sharing platforms and on these platforms, videos cannot be downloaded by an unauthorized person unless with permission. Given this, the defendant, including Brad Garlinghouse and former CEO of Ripple, Chris Larsen, met with the video-sharing platform for permission’s term of service.

The platforms requested, that Ripple serve subpoenas before it is granted permission to download the videos and this has made Ripple request permission from Judge Sarah Netburn to serve two non-parties subpoenas for the videos to be authenticated.

It is good to note that, the court ordered that SEC and Ripple meet on 19th July and confer about RFAs, requesting the SEC to authenticate 7 video recordings of its officials’ public remarks. The parties met on 27th July 2022 to confer and after, SEC is stopping Ripple from downloading the video content from the platforms where they are hosted.

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